Foxconn Electronics is reportedly producing up to 150,000 iPhone 5 handsets per day as we move closer to what many believe is an October release for Apple's next-generation smartphone.

Supply chain sources have indicated that production from lens maker Largan Precision, glass provider G-Tech Optoelectronics, battery suppliers Simplo and Dynapack and touchscreen maker TPK Holding is currently at full capacity.

The sources also state that iPhone 5 shipments are expected to reach up to six million by the end of the month and top 22 million units by the end of the year. This will naturally prompt Cupertino to ship fewer iPhone 4 devices as demand for the new handset is expected to be high.

Pegatron Technology has allegedly scored about 15 percent of iPhone 5 orders from Apple, but it is believed that the company may not begin shipping until next year.

Twenty two million shipped phones isn't far from the 26 million goal that we heard from DigiTimes last month.

Anticipation for the next-generation iPhone has been building since the annual Worldwide Developers Conference (WWDC) in June produced no new handset, a deviation from the past several years. The general consensus is that the dual-core A5 chip inside the new phone was overheating.

The new iPhone is expected to be thinner and lighter than the current iPhone 4. Rumors have previously said Apple's iPhone 5 will feature an 8MP camera with dual-LED flash. Higher-resolution pictures and video will be better viewed on the device's rumored larger screen but thinner bezel.

Yesterday an Apple employee uploaded a photo to Flickr that may have come from the new iPhone. The employee claims the photo was taken with an iPhone 4 but the EXIF data paints a different picture.